It can be intimidating to opt for a forex trading platform when you first get started trading – here are some characteristics that any fantastic forex trading platform should really have:
Safety
Does the forex broker offer you info about the safety measures of its platform? Your trading and individual information should be encrypted, so that your income and identity are safe, regardless of whether you are paying and getting paid by way of PayPal or on the web bank transfers.
The forex broker really should also offer suggestions on how to boost your on-line safety – I’d be extremely suspicious of one particular that didn’t due to the fact they could be generating themselves liable if there are any challenges.
Also, are there backup systems where your information can be stored in case of an IT problem?
Reliability
When can you use the forex trading platform? As forex is a 24-hour a day market, five.5 days a week, appear for one thing that you can use continuously. Even when the industry is closed, you want to be able to location orders to open when the market place does.
The trading platform need to also be efficient – if it is slow then the prices at which you are trading could be out of date. A fantastic forex trading platform need to update various times a second.
One-click trading
If a forex trading platform is unreliable, slow or prone to interruption, a trader can miss a quick opportunity. A platform that gives one particular-click trading will enable you to get or sell forex contract with one click, which implies there’s no have to have to deal a ticket, and you will not miss the price you want.
Trading style suitability
Does the trading platform suit your trading style?
Is it effortless to recognize, or can it only be interpreted by a Wall St retiree? Look for a platform exactly where it is
effortless to search for your industry, and, if you want to trade extra than forex, appear for a single that also allows you to trade on shares, options and indices.
Exactly where are you trading from? If you use a Mac, can you use the platform on it? Likewise, can the system be accessed working with different browsers and distinctive clever-telephone handsets.
Generally, does forex robot do what you will need? A very good forex trading platform must be customisable to suit your trading method – does it allow automated trading, and does it enable you to micromanage every trade. The trading platform ought to be in a position to alert you to good trading possibilities, as properly as accept complex orders, like the many stops and profits that the forex broker gives, so you can conveniently minimise your threat whilst maximising your income.
Charts
Does the forex trading platform have a separate charting platform, and how straightforward is it to navigate? And, if you want to trade from your iPhone or Blackberry, can you access these from your handset? And, can you trade straight from the charts, or do you need to have to deal a ticket?
Depending on your level of knowledge, you could want a charting package with a pattern recognition tool that will monitor the markets on your behalf, and could even let you know when the chart patterns are indicating trading opportunities.
And, if you want to trade forex all through the day, it is necessary that the charts are updated in genuine-time.
Marketplace Analysis
Does your forex broker offer you industry analyses, and is this offered using their trading platform or do you want to take a look at their site?
A great forex trading platform ought to include industry analysis tools, such as news feeds, in-property research and third-celebration study. As details is power, you want to be capable to access as considerably of it as feasible, and to have access to it without crawling the world wide web for the information you will need.
Any trading that gives market place evaluation ought to also have historical information offered, so you can see how the forex was impacted when a comparable situation occurred.
Price
Is the platform totally free? Several on the internet forex trading platforms provided by reliable brokers are free of charge, and your only costs will be if you make a loss.
If forex trading software is not free, or if there is a nominal charge, find out what the added rewards are. And, if it is not cost-free, is there a revenue-back guarantee if you aren’t satisfied with the application?
Price, two
Does the trading platform offer the similar pip spreads as the broker has advertised, or do you will need to phone to get the very best deal?
A pip is a .0001 unit of currency, and the pip spread is the distinction between the obtain and sell price of your currencies – so if the AUD/USD is quoted at 1.0578/1.0579, the sell cost is 1.0578 and the invest in cost is 1.0579. For any spread, the cost of the currency needs to make up the difference of the spread just before you can make a profit. So, in the instance, if you get at 1.0579, the AUD only requirements to rise two pips from 1.0578 to 1.0560 for you to make a profit. If there is a 3 pip spread, the currency would have to move by 4 pips ahead of you created a profit.
Consumer support
Is your forex broker just interested in getting you an account, or do they deliver ongoing support for shoppers utilizing the trading platform?
You should really be able to e-mail and/or telephone your broker with concerns ranging from placing trades to the button on your trading platform that is not performing what you want.